NEW YORK (CNNMoney) -- Oil above $100! Gold hitting new records! Don't fear the headlines. Most market experts think oil and gold prices will settle down as the unrest in North Africa and the Middle East region subsides.
On average, experts expect gold and oil prices to edge up about 4% by the end of 2011. That would put oil at around $95 a barrel and gold just under $1,500 an ounce by the end of the year. Crude prices started the year around $91 a barrel, while gold was at $1,420.
Since the uprisings in Egypt at the end of January caught investors' attention, oil has rallied almost 25%, while gold prices have surged almost 10%.
"The upward pressure on oil is all related to the tension in the Middle East," said Timothy Ghriskey, chief investment officer at Solaris Asset Management. "While we think the issues won't resolve quickly, we should have more clarity by the end of the year, and that will relieve some of the upward pressure."
Like 80% of the 23 survey respondents, Ghriskey isn't changing his year-end target for crude oil. He is calling for oil to end 2011 at around $100 barrel, citing growth in global energy consumption.
Still, risks remain.
Bell Investment Advisors' Matt King is leaving his year-end forecast for oil unchanged at $95 per barrel. But he said prices could surge as high as $150 per barrel if the political instability spreads beyond Libya and disrupts oil production.
"Oil is a big unknown," King said. "Production isn't an issue now, but it could be six months from now if the revolution in Libya spreads to other oil-producing nations in the Middle East."
Meanwhile, gold prices have recently resumed their upward momentum, thanks to safe-haven buying. But experts aren't convinced the gains will continue, with nearly 90% of survey respondents saying the precious metal will lose some luster as turmoil in North Africa and the Middle East eases.
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||3.85%||3.93%|
|15 yr fixed||2.98%||2.99%|
|30 yr refi||3.93%||3.98%|
|15 yr refi||3.05%||3.05%|
Today's featured rates:
Strong November U.S. car sales has industry poised to set a record for sales once December results are reported. More
Yahoo is looking to sell its core Internet business, according to the Wall Street Journal. More
Have you heard of Harvey Mudd College? A degree from this small liberal arts school can cost more than a house, but grads earn about $92,300 a year after getting their degree. Google hired 11 Mudders last year. More